The rupee closed at ₹95.94, a 3‑paise gain from the previous close at ₹95.91; it opened at ₹95.88 and hit an intraday low of ₹96.10 before pulling up to a high of ₹95.78. This marks the first breach of ₹96 since 24 July.
The rally came as the RBI intervened in the interbank market, buying dollars to shore up the rupee amid a backdrop of a Fed rate hike and uncertainty over a Trump‑backed oil tariff law that could weigh on imports.
Dilip Parmar, senior research analyst at HDFC Securities, said the intervention helped the currency recover after early losses; he added that the USD/INR pair remains in an up‑trend but likely to consolidate near ₹95.45 support and ₹96.30 resistance.
The dollar index slipped 0.05% to 99.92, while Brent crude fell 1.29% to $104.47 a barrel. In domestic equities, the Sensex fell 21.86 points to 74,314.59, while the Nifty gained 53.00 points to 23,270.60; institutional investors net sold ₹2,032.61 crore in equities on Wednesday.
Analysts expect the rupee to trade sideways in the next few days, with the RBI likely to intervene again if the currency slides beyond ₹96.30; traders should watch for any signs of further Fed policy shifts or geopolitical developments that could tilt the balance.